Optimal search from multiple distributions with infinite horizon

With infinite horizon, optimal rules for sequential search from a known distribution feature a constant reservation value that is independent of whether recall of past options is possible. We extend this result to the the case when there are multiple distributions to choose from: it is optimal to sample from the same distribution in every period and to continue searching until a constant reservation value is reached.

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Year of publication:	2017
Authors:	Benkert, Jean-Michel ; Letina, Igor ; Nöldeke, Georg
Publisher:	Zurich : University of Zurich, Department of Economics
Subject:	Optimal Search \| Search Intensity \| Infinite Horizon \| Recall

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Series:	Working Paper ; 262
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	10.5167/uzh-139697 [DOI] 89868787X [GVK] hdl:10419/173420 [Handle] RePEc:zur:econwp:262 [RePEc]
Classification:	D83 - Search, Learning, Information and Knowledge
Source:	EconStor

Persistent link: https://www.econbiz.de/10011784296